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AQA Business Studies BUSS1 - 14th May 2012!

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Thank you and how do you start your evaluation? What phrases do you like to use?

When starting a evaluation i tend to use phrases such as "To Conclude".
Then i use phrases such as "In the short term" and "In the Long Term", "It depends on", "The most important factor is", "The least important factor is".

Reply 81

HP348

Looking at one past paper it said '....................... runs a PLC' how do you know if this is Public or Private limited company?

Reply 82

QwertyG

Original post by HP348

Looking at one past paper it said '....................... runs a PLC' how do you know if this is Public or Private limited company?

Im sure all the books says

PLC - Public limited company
LTD - Private limited company

Reply 83

helpmekid

Lots of KeyWords TOP 50 : MUST KNOW!!

http://www.tutor2u.net/blog/index.php/business-studies/comments/aqa-as-business-buss1-key-term-glossary

Copy Paste :

Adding value
A process through which a business increases the worth of the resources included in production so that customers perceive the product to be worth more than the cost of the inputs

Adviser
An external contact of a business that provides support and advice, sometimes for free

Bank loan
A fixed amount loan from a bank which is generally used to finance long-term assets

Bank overdraft
Borrowings from a bank on a current account which are payable on demand

Breakeven output (or point)
The point at which the total sales of a business equal total costs -i.e. the business is making neither a profit nor a loss

Budget
A detailed plan of income and expenses expected over a certain period of time

Business angel
A particular type of investor, usually a successful entrepreneur, who is willing to invest in high-risk, high-growth firms at a very early stage

Business plan
A detailed description of a new or existing business, including the company’s strategy, aims and objectives, marketing & financial plan

Business objective
A stated goal or target of a business (note: a business can have more than one objective!)

Cash flow
The movements of cash into (“inflows”) and out of (“outflows”) a business

Cash flow forecast
A projection, usually by week or month, of the likely cash inflows and outflows in a business

Contribution
The difference between total sales and total variable costs

Contribution per unit
A key number for breakeven analysis: the difference between selling price per unit and variable cost per unit.

Costs
Amounts incurred by a business as a result of its trading operations

Demand
The amount of a product or service that customers are willing and able to pay at a given time

Demographic
Defining a market in terms of social-economic factors such as segmentation age, income, class etc

Elasticity of demand
The responsiveness of demand to a change in price or incomes

Electronic market
A market in which buyers and sellers are brought together using digital means of communication (e.g. online) in order to exchange information (e.g. prices) and conduct transactions. Compare with physical markets where buyers and sellers meet face to face.

Enterprise
The process by which new businesses are formed in order to offer products and services in a market

Entrepreneur
An individual who sets up and runs a new business and takes on the risks associated with the business

Expenditure budget
The budget which sets out the expected costs to be incurred by the firm, usually split into various categories (e.g. production, marketing, administration)

Fixed costs
Costs that do not vary with the level of output – e.g. rent, salaries)Franchisee The person or company which operates a franchised business format - under licence from a franchisor

Franchisor
The owner of a business format (franchise) which is licensed out to othr people or businesses (franchisees)

Full-time employee
An employees who works more than 30 hours a week in a business (compare with part-time, which is working for less than 30 hours)

Income budget
The budget which sets out estimates of the likely demand for and value of the firms sales

Inputs
The resources (land, labour, capital, enterprise) that go into producing goods and services

Limited liability
Shareholders are only liable for the money they have invested - not for the overall debts and liabilities of their company

Location
The pace (or places) from which a firm does business. Can be both a physical location and also virtual.

Margin of safety
The difference between the actual level of output and the break even output

Market
Any place (e.g. physical, electronic) where buyers and sellers come together with a view to exchanging transactions

Market growth
The percentage growth in the size of the market, measured over a specific period

Market research
The process of planning, collecting, and analysing data relevant to help make marketing decisions

Market segmentation
The process of dividing a market into smaller sections (segments) segmentation which contain customers with similar needs and wants

Market share
The share of the total market that is owned by a particular business, product or brand. Usually expressed in percentage terms. The firm with the largest percentage market share is known as the
market leader.

Market size
The total value or quantity of demand in a specific market over a specific period of time. Can be measured in value terms (e.g. sales) or in terms of quantities (e.g. units) bought or sold.

Niche market
A smaller part of a larger market in which customers have more specific needs and wants.

Opportunity cost
The cost of a decision as measured by the benefits foregone of the next best alternative

Patent
The right to be the only user of producer of a specified product or process

Permanent employee
An employee who is employed on a formal employment contract and remains with the firm for an open-ended period until the contract is ended. Compare with a temporary employee (“temp”)
who is employed for a shorter, time-limited period.

Primary research
The market research that involves the collection of data that does not yet exist

Profit
The difference between total sales and total costs

Qualitative research
Market research concerned with collecting data on attitudes, opinions, beliefs, intentions etc.

Quantitative research
Market research concerned with collecting data that can be quantified - e.g. sales statistics

Return
The rewards to enterprise – e.g. profit, satisfaction

Revenue
The income or sales that a business achieves in a period. Calculated by multiplying selling price per unit x units sold.

Risk
The probability or chance that hoped-for outcomes will not occur

Sample
In market research, a sample is a subset of a population. Sampling is the process of taking and analysing a research sample.

Share capital
The finance invested in a business (limited company) by the shareholders – part of the equity capital of a firm

Social enterprise
A business that has objectives other than making profit. Part of a group of organisations in the “not-for-profit” sector

Sole trader
A one-person business with unlimited liability for the debts of that business

Supplier
A business that provides goods and services to other firms.

Total costs
The total of variable and fixed costs in a business

Trade credit
Amounts owed to suppliers of a business – a source of finance

Trademark
A word, symbol, or phrase used to identify a particular company’s product and differentiate it from other companies’ products

Unlimited liability
Unlimited liability describes the potential risk that sole traders and partnerships face. They are liable for the debts of the business

USP
Unique selling point - a feature of a product or service that makes it stand out compared with the competition

Variable costs
Costs that vary directly in proportion to output (e.g. materials, pay related to amounts produced or sold)

Venture capital
Investment made by specialist funds to finance the launch, early development or expansion of a private company

Working capital
The amount of money that a business has available to conduct its day-to-day activities

(edited 11 years ago)

Reply 84

laurentommo

Original post by Robbanner

Thank you and how do you start your evaluation? What phrases do you like to use?

Your evaluation must include link words such as:

- The most important factor the business needs to consider...
- A recommendation so ( I recommend the business _____ before implementing _____
- Your opinion so (In my opinion this will benefit the business because...)
- This may be unrealistic for the business because...

- A depends on factor is important an example (In order for ____ to increase they're sales, it will depend on _____, as a result______ therefore this may not be realistic for the long term financial health of the business.

(You are using analysis and evaluation marks ^)

Reply 85

jk122

Hey is it better to write arguments for and against in the same paragraph or do arguments for in one paragraph then arguments against in a different paragraph then conclusion after????

Reply 86

CarlitosWayz12

Any predictions that is most likely going to come up tomorrow?

Reply 87

Hugh*

Original post by jk122

Hey is it better to write arguments for and against in the same paragraph or do arguments for in one paragraph then arguments against in a different paragraph then conclusion after????

You could do that sure, I don't see what would be wrong with it.
e.g.

'They could do _____, however the limitation/drawback of this would be _____'

I personally just do (for the big markers):

Example, Question 2B for May 2010: 'Was Anya right to use venture capital to raise money to finance her business start-up rather than taking out a bank loan? Justify your view.' (14 marks)

This is how I went about it:

-Define venture capitalist
-Advantages & disadvantages for Venture (applying to Anya's situation)

-Define bank loan
-Advantages & disadvantages for Bank loan (applying to Anya's situation)

Conclude: pick one of the two, with a justified view, with reference to the case study. So basically, one of them might be a better decision due to the situation in the case study given.

(edited 11 years ago)

Reply 88

Lakhvir.Singh

What do we think is coming up?
Here is January 2012's mark scheme http://intranet.wellingtoncollege.org.uk/resource.aspx?id=268106

I'm assuming most of the topics won't come up again? Or will they?

Reply 89

Lakhvir.Singh

Getting confused with break even here. Are we ever meant to use the total contribution in the break even formula or is it always contribution per unit?

Thanks

Reply 90

rrfc

Anyone haven't idea what questions (topic wise) will come up tomorrow

Reply 91

Veks14

What do you lots think will come up?

Reply 92

CarlitosWayz12

Shizz, my advice is to focus on break even and its linkage to cash flow forecasting. So far all case studys address on this and its also crucial to any startup business. Also;

-Also benefits/drawbacks of overdrafts as a source of finance for start ups.
-Market segments i.e Niche markets blah blah...
-Market size < this is the question that messes people up supposedly.
-Market research.

Those are the ones my teacher told us to go over well.

Reply 93

Jessca

Original post by Lakhvir.Singh

Getting confused with break even here. Are we ever meant to use the total contribution in the break even formula or is it always contribution per unit?

Thanks

BE is always fixed Costs divided by contribution per unit
:smile:

Reply 94

rrfc

Does anyone think that the jan2012 topics covered will be repeated??

Reply 95

HP348

Has anybody saw the original January 2012 paper before it got replaced thanks to missing papers?

Reply 96

helpmekid

Whats the Definition of?

Quota Samapling

and Stratified Sampling

Reply 97

helpmekid

Whats the Definition of?

Quota Samapling

and Stratified Sampling

Reply 98

Hugh*

Original post by helpmekid

Whats the Definition of?

Quota Samapling

and Stratified Sampling

Quota sampling is a group of respondents, from different segments, who all share a common feature (e.g. age). The number of interviewees in each classification is fixed to reflect their percentage in the total target population, but the interviewees are selected non-randomly by the interviewer.

Stratified sampling is a group of respondents who are selected according to particular features (e.g. age), but the difference is where in quote sampling the final selection is left to an interviewer, in stratified the sub-groups and their sizes are chosen specifically.